8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 2, 2007

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

(Exact name of Registrant as specified in its charter)

Virginia	54-1873198	000-50230
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)	(Commission File Number)

1001 Nineteenth Street North,

Arlington, VA 22209

(Address of principal executive offices) (Zip code)

(703) 312-9500

(Registrant’s telephone number including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.    Other Events.

      On July 2, 2007 First NLC Financial Services, LLC ("FNLC"), a wholly-owned mortgage subsidiary of Friedman, Billings, Ramsey Group, Inc., issued a press release announcing that FNLC has securitized $481.8 million of first-lien and second-lien residential mortgage loans through First NLC Trust 2007-1. A copy of the press release is attached as Exhibit 99.1.

EXHIBIT

 99.1      First NLC Financial Services, LLC Press Release dated July 2, 2007.

  

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
July 2, 2007	By:	/s/ Kurt R. Harrington
		Kurt R. Harrington      Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

FOR IMMEDIATE RELEASE
CONTACT:
Susannah Harter
First NLC Financial Services
800.950.3314, ext. 11497
FAX 561.962.6988
sharter@firstnlc.net
www.firstnlc.com

      First NLC Financial Services Closes $481.8 Million Asset-Backed Securitization

Deerfield Beach, FL, July 2, 2007 – First NLC Financial Services, LLC (“the Company”), a wholly-owned mortgage subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), today announced it has securitized $481.8 million of first-lien and second-lien residential mortgage loans originated by the Company through First NLC Trust 2007-1.  

The securitization closed on June 26, 2007 and is expected to be treated as a sale for financial reporting purposes. 

Standard & Poor's Rating Services and Moody's Investor Services, Inc. rated the securities. Credit Suisse Securities (USA) LLC served as lead manager for the transaction. The securities were sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.  

This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  

ABOUT FIRST NLC
First NLC Financial Services, LLC, a wholly owned subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), is a non-prime residential mortgage banking company originating mortgage loans in 42 states. The company has its headquarters and main operations center in Boca Raton, FL, and a regional operations center in Anaheim, CA. For further information, visit www.firstnlc.com.

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